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Silicon Carbide Market Segments Analysis and Growth Drivers to 2023

Silicon Carbide Market:

Industry Highlights:

Silicon Carbide (SIC) is also known as carbrundum and is a compound of silica and carbon. SIC is one of the hard material, which has outstanding performance, power switching frequency, and power rating as compared to silicon. Moreover, it has potential to deliver high power switching application in extreme environment. Silicon carbide is wide gap semiconductor material which is used in semiconductor electronics devices that operate at high temperature or high voltage or both. This property has made silicon carbide to highly preferable in end-use applications.

Silicon Carbide Specifically, the ability to operate at high temperature has positively impacted the growth of the market. Over the last seven years, the global silicon carbide market has witnessed steady growth and it is moving towards growth expansion mode. Growth in this market is attributed to strong demand from steel manufacturing and steel processing industry along with its recycling units. Steel industries in Asia Pacific are expected to contribute a major part in the coming years. Growing automotive industry across the globe also playing an essential role in the global growth.

Silicon Carbide Market is majorly segmented on the basis of product, application, and by region. Market segmentation on the basis of products, includes black silicon carbide, green silicon carbide, and others (refractory, coated, metallurgical, metallurgical briquettes and micro grit). On the basis of application, the market is segmented into steel and energy, automotive, aerospace and aviation, military and defense, electronics and semiconductors, medical and healthcare, and others. Steel and energy is the prominent segment for which silicon carbide is largely used followed by electronics and semiconductors and automobile segment. While the medical and healthcare applications are anticipated to register the highest growth over next five years.

Data integration and capabilities are analyzed to support the findings and study the predicted geographical segmentations. Various key variables and regression models were considered to calculate the trajectory of silicon carbide market. Detailed analysis is explained and given importance to with best working models.

Geographically, the segmentation is done into several key regions like North America, Middle East & Africa, Asia Pacific, Europe and Latin America. The production, consumption, revenue, shares in mill UDS, growth rate of silicon carbide market during the forecast period of 2018 to 2023 is well explained.

The ongoing market trends of silicon carbide market and the key factors impacting the growth prospects are elucidated. With increase in the trend, the factors affecting the trend are mentioned with perfect reasons. Top manufactures, price, revenue, market share are explained to give a depth of idea on the competitive side.

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